丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨五芳斋（603237.SH） [Table_Title] 五芳斋 2025 年三季报点评：中秋错期影响三季 度表现，基本盘整体稳定 报告要点 [Table_Summary] 公司 2025Q1-Q3 营业总收入 19.85 亿元（同比-3.06%，下文皆为同比）；归母净利润 1.75 亿 元（-16.89%），扣非净利润 1.66 亿元（-17%）。2025Q3 营业总收入 3.94 亿元（-15.68%）； 归母净利润-1961.96 万元（+15.01%），扣非净利润-2335.21 万元（+10.64%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 五芳斋（603237.SH） cjzqdt11111 [Table_Title 五芳斋 20252]年三季报点评：中秋错期影响三季 度表现 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a total revenue of 3.957 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.09%. The net profit attributable to shareholders was 176 million yuan, up 106.88% year-on-year, while the net profit excluding non-recurring items was 120 million yuan, an increase of 92.44% year-on-year [2][4] - In Q3 2025, the company achieved a revenue of 1.39 billion yuan, reflecting a year-on-year growth of 14.22%. The net profit attributable to shareholders reached 42.97 million yuan, a significant increase of 214.67% year-on-year, and the net profit excluding non-recurring items was 17.27 million yuan, up 224.22% year-on-year [2][4] Revenue Breakdown - The revenue from cheese products for the first three quarters was 3.302 billion yuan, showing a year-on-year increase of 17.42%, while in Q3 2025, it grew by 22.44% year-on-year. Trade revenue was 360 million yuan, down 0.56% year-on-year, and liquid milk revenue was 274 million yuan, down 2.48% year-on-year [5] - From a channel perspective, distribution revenue was 2.895 billion yuan, up 5.86% year-on-year, while direct sales revenue surged to 681 million yuan, marking an increase of 89.99% year-on-year [5] - Regionally, the North region generated 1.437 billion yuan, up 3.83% year-on-year, the Central region 1.677 billion yuan, up 24.36%, and the South region 822 million yuan, up 13.73% year-on-year [5] Profitability Improvement - The company's net profit margin for the first three quarters improved by 2.08 percentage points to 4.45%, with a gross margin increase of 0.95 percentage points to 29.88%. The expense ratio decreased by 1.34 percentage points to 25.36% [6] - In Q3 2025, the net profit margin rose by 1.97 percentage points to 3.09%, and the gross margin increased by 1.14 percentage points to 28.18%, while the expense ratio decreased by 0.6 percentage points to 25.77% [6] Future Outlook - The company is expected to continue benefiting from the integration with Mengniu's cheese business, enhancing the cost advantages of domestic raw milk and improving profitability. The projected net profits for 2025 and 2026 are 234 million yuan and 364 million yuan, respectively, corresponding to PE ratios of 56 and 36 times [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a total revenue of 1.245 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 40.39%. The net profit attributable to shareholders was 174 million yuan, up 43.34%, while the net profit excluding non-recurring items reached 154 million yuan, increasing by 46.99% [2][5] - In Q3 2025, the total revenue was 474 million yuan, reflecting a year-on-year growth of 32.7%. The net profit attributable to shareholders was approximately 65.33 million yuan, up 44.79%, and the net profit excluding non-recurring items was about 60.90 million yuan, increasing by 39.31% [2][5] Summary by Sections Revenue Growth - The company's main business revenue for the first three quarters of 2025 reached 1.236 billion yuan, a year-on-year increase of 40.28%, primarily driven by meat products. Poultry products contributed 1.077 billion yuan, accounting for 87.17% of total revenue, which is an increase of 4.03 percentage points year-on-year. The proportion of livestock and vegetable products has slightly decreased [11] - The sales structure has significantly improved, with revenue from the Southeast region reaching 719 million yuan, accounting for 58.19% of total revenue, and a year-on-year growth of 113.72%. The Southwest region's revenue share decreased from 49.39% to 34.15% [11] Channel Structure - The channel structure continues to shift towards offline sales, with offline channel revenue for Q1-Q3 2025 at 1.162 billion yuan, making up 94.02% of total revenue. Online channel revenue increased to 73.86 million yuan, with a year-on-year growth of 67.89%, but still accounts for less than 6% of total revenue [11] Profitability and Cost Control - The company's net profit margin for Q1-Q3 2025 increased by 0.29 percentage points to 13.96%. However, the gross profit margin decreased by 2.73 percentage points to 27.33%. The expense ratio decreased by 3.3 percentage points to 11.6% [11] - In Q3 2025, the net profit margin improved by 1.15 percentage points to 13.78%, while the gross profit margin decreased by 1.95 percentage points to 26.95%. The expense ratio also decreased by 1.71 percentage points to 11.2% [11] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 218 million yuan, 256 million yuan, and 287 million yuan for 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.51 yuan, 0.60 yuan, and 0.67 yuan, with price-to-earnings (PE) ratios of 26, 22, and 20 times, respectively [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 49.67 billion yuan in Q3 2025, representing a year-on-year increase of 7.57%. The net profit attributable to shareholders was 3.03 billion yuan, down 11.84% year-on-year. The net profit excluding non-recurring items was 2.74 billion yuan, a decrease of 1.00% year-on-year [2][6]. - The overall gross margin for the first three quarters of 2025 was 23.81%, an increase of 0.53 percentage points year-on-year. The increase in research and development expenses has led to higher costs, but the company expects its core forklift business to continue to grow steadily, with emerging sectors like smart logistics and components becoming new growth drivers [2][12]. - The company is experiencing significant improvements in both domestic and international sales, with the global forklift market showing strong growth. The domestic market saw a total sales volume of 221,000 units in Q3 2025, up 21.1% year-on-year, while international sales also continued to rise [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 149.34 billion yuan, a year-on-year increase of 10.94%. The net profit attributable to shareholders was 11.21 billion yuan, down 4.88% year-on-year, while the net profit excluding non-recurring items was 10.07 billion yuan, up 0.56% year-on-year [6][12]. Market Trends - The forklift industry in China saw a total sales volume of 367,000 units in Q3 2025, reflecting a year-on-year increase of 19.0%. The company has established subsidiaries and service networks in various regions globally, which is expected to drive growth in markets such as South America, Europe, and Africa [12]. Strategic Developments - The company is deepening its smart logistics business and has formed strategic partnerships with leading technology firms. This collaboration is expected to enhance the development of its robotics and smart logistics products [12]. - The company maintains a positive outlook for its long-term growth potential, driven by the recovery of domestic manufacturing and the shift towards larger, high-end, and intelligent forklift products [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company reported a revenue of 2.197 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 18.30%, and a net profit attributable to shareholders of 417 million yuan, up 27.16% year-on-year [2][7] - In Q3 2025, the company achieved a revenue of 736 million yuan, a year-on-year increase of 17.52%, and a net profit of 136 million yuan, up 28.59% year-on-year [2][7] - The gross margin for Q3 reached 40.22%, indicating a recovery in profitability and effective cost control [14] - The company is focusing on enhancing operational efficiency, with a 9% year-on-year increase in order processing volume and a 15% increase in total shipment items [14] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.197 billion yuan and a net profit of 417 million yuan, with Q3 figures showing 736 million yuan in revenue and 136 million yuan in net profit [2][7] - The gross margin for Q3 was reported at 40.22%, reflecting improvements in profitability [14] Business Segments - The lithium battery segment contributed significantly to revenue growth, with a 52% year-on-year increase, while the 3C mobile phone segment saw a decline of 7% [14] - The automotive sector grew by 47%, and the semiconductor sector increased by 22% year-on-year [14] Operational Efficiency - The company processed approximately 1.33 million orders in the first three quarters, marking a 9% increase year-on-year, and shipped around 4.82 million items, a 15% increase [14] - The company has expanded its customer base to approximately 39,400, an increase of about 4,900 compared to the same period last year [14] Strategic Initiatives - The company is advancing its one-stop procurement service and has made significant progress in the automation of its FB business, improving quotation speed from hours to seconds [14] - The company is also expanding its global presence, with overseas revenue reaching 5.1818 million yuan in the first half of 2025, a 126% increase year-on-year [14]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.352 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 44.75%. The net profit attributable to the parent company was 438 million yuan, up 83.99% year-on-year. In Q3 2025, the revenue reached 534 million yuan, with a year-on-year increase of 46.68%, and the net profit was 176 million yuan, growing 80.24% year-on-year. The outlook suggests that the company is expected to benefit from the high demand in the domestic wind power installation and the ongoing renovation needs in the U.S. market, which will enhance its performance growth potential [2][5][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.352 billion yuan, a 44.75% increase year-on-year, and a net profit of 438 million yuan, an 83.99% increase year-on-year. In Q3 2025, the revenue was 534 million yuan, up 46.68% year-on-year, and the net profit was 176 million yuan, an increase of 80.24% year-on-year [2][5] Profitability Improvement - The company's Q3 gross profit margin was approximately 51%, an increase of 2.1 percentage points year-on-year, while the net profit margin reached 33%, up over 6 percentage points year-on-year. The improvement in gross margin is attributed to a slight increase in the proportion of export revenue and a shift in product structure towards higher-value products due to the trend of larger wind turbines [6][11] Order Growth and Market Demand - New orders signed in the first nine months of 2025 increased by about 25% compared to the same period last year, with domestic market orders growing faster than overseas orders. The domestic wind power installation capacity continues to grow rapidly, with a reported increase of 6.109 million kilowatts in new installations from January to September 2025, a 56% year-on-year growth [11][12] Product Development and Market Position - The company is focusing on optimizing its product structure and launching high-quality new products. The gear rack and pinion lifts and large-load lifts have become key growth drivers. The company holds a leading market share of approximately 70% in the domestic wind power sector and over 30% in the international market [11][12] Future Earnings Projections - The company is expected to achieve net profits of 550 million yuan and 650 million yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 17 and 15 times [11][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has a diversified product capability that spans both external and internal multi-level voltage conversion power modules and systems, with a focus on opportunities in onboard power and liquid cooling. It is gradually expanding towards becoming a comprehensive power supply solution provider for AI data centers. The AI power business is expected to become a new growth point for the company, driven by NVIDIA's push in the AIDC industry [2][6]. - In the first three quarters of 2025, the company achieved revenue of 6.791 billion yuan, a year-on-year increase of 15.05%, while the net profit attributable to the parent company was 213 million yuan, a year-on-year decrease of 48.29%. In Q3 2025, revenue was 2.118 billion yuan, up 11.93% year-on-year, but net profit dropped 59.58% year-on-year to 39 million yuan [6][8]. Summary by Sections Financial Performance - The company reported a total revenue of 6.791 billion yuan for the first three quarters of 2025, reflecting a 15.05% increase year-on-year. However, the net profit attributable to the parent company fell to 213 million yuan, down 48.29% year-on-year. In Q3 2025, revenue was 2.118 billion yuan, an 11.93% increase year-on-year, while net profit decreased by 59.58% to 39 million yuan [6][8]. Business Development - The company is making steady progress in its AI business, with most projects advancing smoothly. It has participated in several global industry exhibitions recently and launched a series of products such as Power Shelf, BBU Shelf, and Power Capacitor Shelf, which align with next-generation technology platforms. The company is focusing on opportunities in onboard power and liquid cooling, aiming to become a comprehensive power supply solution provider for AI data centers [2][6]. Market Position - The company has successfully established a foothold in overseas markets by offering competitive pricing, faster response times, and superior service. Its global "R&D + manufacturing + sales" network is becoming increasingly robust, leading to a growing proportion of overseas sales revenue [6]. Future Outlook - The company views the AI industry as a critical growth area for the next decade and is investing heavily in various aspects such as technology research, platform development, product R&D, testing, certification, supply chain optimization, and market expansion. It aims to leverage its technological advantages and quality customer resources to drive growth in the AI power sector [6][8].

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨应流股份（603308.SH） [Table_Title] 应流股份 25Q3 点评：业绩连续高增，持续看好 两机业务弹性 报告要点 [Table_Summary] 应流股份通过"产业链延伸、价值链延伸"，主营业务已涵盖高温合金产品及精密铸钢件、核电 及其他中大型铸钢件、新型材料与装备等，覆盖高端部件、航空科技和先进材料三大领域。两 机领域，公司在客户端不断拓展，订单和营收有望快速增长，盈利持续释放；核能核电、低空 经济等持续发力。持续看好公司平台化拓展。 分析师及联系人 [Table_Author] 赵智勇 王贺嘉 王鹤涛 屈奇 杨继虎 SAC：S0490517110001 SAC：S0490520110004 SAC：S0490512070002 SAC：S0490524070003 SAC：S0490525040001 SFC：BRP550 SFC：BUX462 SFC：BQT626 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 应流股份（603308.SH） cjzqdt1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.28 billion yuan for the first nine months of 2025, representing a year-on-year growth of 11.48%. The net profit attributable to the parent company was 510 million yuan, up 21.00% year-on-year [3][4]. - In Q3 2025, the company achieved a revenue of 680 million yuan, a year-on-year increase of 10.32%, with a net profit of 136 million yuan, growing 8.81% year-on-year [3][4]. - The core products, including the Wuling series and the Bailin series, have shown significant growth, with revenues increasing by 6.98%, 29.58%, and 57.41% respectively for the Wuling series, Bailin series, and traditional Chinese medicine formula granules [10]. Financial Performance - The gross profit margin for Q3 2025 was 59.72%, an increase of 0.47 percentage points year-on-year, while the net profit margin was 20.06%, a decrease of 0.28 percentage points year-on-year [10]. - The company’s R&D expenses increased by 42.55% year-on-year to 17 million yuan, with an R&D expense ratio of 2.44% [10]. - The company expects net profits for 2025, 2026, and 2027 to be 638 million yuan, 800 million yuan, and 1.018 billion yuan respectively, with corresponding EPS of 0.91 yuan, 1.14 yuan, and 1.45 yuan [10].

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - On November 6, the company "月之暗面" officially released and open-sourced the Kimi K2 Thinking model, which is characterized by its general Agentic capabilities and reasoning abilities, excelling in deep reasoning and capable of solving complex problems through multiple tool calls [2][5]. - Kimi K2 Thinking is based on the "model as Agent" concept, allowing for up to 300 rounds of tool calls autonomously without human intervention, potentially opening new paradigms for cost reduction in AI applications [2]. - The model has shown significant improvements in reasoning performance, surpassing GPT-5 in various benchmarks, including achieving a 44.9% accuracy in HLE tests compared to GPT-5's 41.7% [10]. - The model's ability to autonomously search and browse has also improved, scoring 60.2% in BrowseComp tests, which is significantly higher than the human average of 29.2% and GPT-5's 54.9% [10]. - Kimi K2 Thinking can perform 200-300 tool calls in an uninterrupted manner, enhancing its Agentic and reasoning performance, which is crucial for complex problem-solving [10]. - The model's pricing is set at 4 RMB/M tokens for input and 16 RMB/M tokens for output, with a Turbo API available at higher rates, indicating a competitive pricing strategy in the market [10]. Summary by Sections Event Description - The Kimi K2 Thinking model was released on November 6, featuring a MoE architecture with 1 trillion parameters and 32 billion active parameters, supporting a context length of 256K, optimized for domestic GPUs [5]. Performance Analysis - The model has demonstrated enhanced reasoning stability due to improved long-range planning and autonomous search capabilities, allowing it to break down complex tasks into manageable steps and integrate results effectively [10]. - The introduction of native INT4 quantization has improved reasoning efficiency and hardware compatibility, potentially reducing costs for large-scale inference servers [10]. Market Outlook - The report expresses optimism about the domestic AI industry chain, recommending stocks with significant positioning advantages and shovel stocks that support the AI ecosystem [2].